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US crypto lender Genesis files for Chapter 11 bankruptcy protection

January 23, 2023

In a statement, the firm says: “Genesis Global Holdco, LLC (GGH) and two of its lending business subsidiaries, Genesis Global Capital, LLC (GGC) and Genesis Asia Pacific Pte. Ltd. (GAP), filed voluntary petitions under Chapter 11 of the US Bankruptcy Code in the United States Bankruptcy Court for the Southern District of New York”.

It adds that its other subsidiaries “involved in the derivatives and spot trading and custody businesses and Genesis Global Trading are not included in the filing and continue client trading operations”.

The Guardian reports the company has listed over 100,000 creditors in its bankruptcy filing, with assets and liabilities in the range of $1 billion to $10 billion.

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